Companies

Anthousa Ltd. (HZ21 GR)

Business Profile

Furshet, owned by Anthousa, was Ukraine’s fourth largest grocery retail chain by turnover in 2010, operating 115 stores as of year-end (106 in Ukraine and nine in Moldova). The company operates three store formats: Furshet Economy (1,000 m2 of selling space and 10,000-15,000 stock keeping units (SKUs)), Furshet Standard (1,500-2,000 m2, 20,000-25,000 SKUs), and Furshet Gurman targeting high-income customers (2,000-2,500 m2). The retailer also launched a hypermarket under the brand Narodny (6,100 m2) last year.

Financial Summary

Indicator200920102011E2012E2013F
Sales ($m)639697************
EBITDA ($m)4949************
Net Income ($m)(5)2************
Net Debt ($m)159138************

Valuation Summary

Indicator200920102011E2012E2013F
P/E0.00.1************
P/Sales0.000.00************
EV/EBITDA3.32.8************
P/Book0.0010.00************
Prices are quoted in UAH.


*Data available to Dragon Capital's institutional clients only.